Paris, France — French oil and gas giant TotalEnergies reported on Thursday a sharp increase in third-quarter net profit despite lower crude prices as its production rose.
The company said net income grew around 61 percent to $3.7 billion compared to the same period last year, even as oil prices fell by more than $10 per barrel year-on-year.
Chief executive Patrick Pouyanne said in a statement that the company’s “strong financials” were underpinned by production growth of more than four percent and improved downstream results.
“In the context of continued uncertainty in the geopolitical and macroeconomic environment, oil prices are trending downwards,” TotalEnergies said in the statement.
The company noted that there was an “abundant supply” of oil due to OPEC+ countries and other nations, including the United States, Brazil and Guyana, raising output.
Pouyanne later announced that trading of its shares in New York would begin on December 8.
TotalEnergies’s board decided in September to switch to a regular share listing instead of trading in American Depositary Receipts, a proxy for shares but which incur greater commissions when traded.
The company hopes the switch will give it better access to US investors, but it sparked concern that the company could leave the Paris stock exchange, which it denied.
TotalEnergies shares were down 1.4 percent in afternoon trading while the Paris stock exchange’s blue-chip CAC 40 index was 0.7 lower.
